Fourth Quarter & Full Year Production 2023

Record Production

Ore Mined up 76.6% to 1,505,642 tonnes

Ore Processed up 82.1% to 1,513,977 tonnes

Zinc production up 79.1%

Gold production up 68.2%

Silver production up 40.1%

Lead production up 64.5%

Griffin Mining Limited ("Griffin" or the "Company") announces the production results from the Caijiaying Zinc Gold Mine for the three months and year ended 31st December 2023.

Overview

Record production was achieved in 2023 at the Caijiaying Zinc Gold Mine with ore mined up 76.6% to 1,505,642 tonnes on that in 2022 and ore processed up 82.1% to 1,513,977 tonnes on that in 2022, resulting in:

• Zinc metal concentrate production was up 25,146 tonnes (79.1%) on that achieved in 2022;
• Gold in concentrate production up 6,915 ozs (68.2%) on that achieved in 2022;
• Silver in concentrate production up 90,080 ozs (40.1%) on that achieved in 2022; and
• Lead in concentrate production up 606 tonnes (64.5%) on that achieved in 2022.

Market prices for zinc have stabilised of late, however, smelter treatment charges and transport costs have fallen as Chinese smelters seek clean local concentrate resulting in average zinc prices received up $174 per tonne (9.8%) in the last quarter of 2023. Prices for precious metals and lead have continued to rise in the last quarter of 2023 with gold prices received up $45 per oz (2.4%) in the last quarter of 2023, and silver prices received up $1.1 per oz (5.7%) in the last quarter of 2023.

Mladen Ninkov, Chairman, commented:

"Spectacular. That is the only word that can adequately describe what has been achieved by the management and staff of the Company in 2023, as reflected in the production results published today. To say that I am humbled and proud of what has been achieved would be an understatement. From a Company that has only ever raised net capital of under $30 million and no debt in its 26 year history to now have a world class, modern, underground mine, producing over 1.5 million tonnes of ore per year is an extraordinary and, frankly, unheard of, achievement in the mining industry. Congratulations to everyone, living and departed, who made this possible and refused to be governed by the accepted wisdom that this could not be accomplished in China"

596/2014